Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare” or the “Company”), a leader in digital advertising and marketing solutions focused on markets outside of the Top 50 in the United States, announced today a strategic digital advertising partnership with SummitMedia, LLC, a prominent media company with a market-leading presence in nine U.S. cities (including Birmingham, AL; Greenville, SC; Honolulu, HI; Knoxville, TN; Louisville, KY; Omaha, NE; Richmond, VA; Springfield, MO; and Wichita, KS) that do not overlap with Townsquare’s market footprint.
Townsquare’s Ignite division’s market leading, in-house digital advertising solutions have a proven track record of success across the Company’s 74 markets, where they specialize in helping businesses of all sizes connect with their target audiences through data-driven strategies. The Company’s success in digital advertising has also meaningfully contributed to Townsquare’s overall growth, with digital now comprising over 50% of Townsquare’s total revenue and profit.
Through Townsquare’s Ignite Media Partnerships division, formed earlier this year, they provide a white-label service that equips other local media companies with the digital advertising solutions that have driven Townsquare’s success. This alliance with SummitMedia marks a significant expansion of Townsquare’s Media Partnerships division. Through this partnership, Townsquare will share its expertise and resources with SummitMedia, focusing on customized, data-driven strategies that meet the unique needs of local, regional and national businesses, helping SummitMedia grow its digital business alongside its respected broadcast presence.
“We are thrilled to partner with SummitMedia to provide market leading digital advertising and marketing opportunities to their substantial customer base, which importantly, does not overlap with our markets,” said Todd Lawley, President of Townsquare Ignite, the Company’s Digital Advertising division. “Our success has been built on a deep understanding of how to leverage our proprietary in-house digital programmatic advertising platform and data-driven insights to create significant value for our clients. By sharing our proven strategies and robust business model, we can empower SummitMedia to enhance their digital offerings, driving growth and success for their clients.”
SummitMedia shares this excitement, recognizing the transformative value that Townsquare’s digital capabilities bring to their existing media offerings. “We are very excited to partner with Townsquare and launch our new digital solutions arm, Summit Interactive,” said Carl Parmer, CEO of SummitMedia. “After exhaustive research, we concluded Townsquare is absolutely best in-class and fully committed to digital. They have a truly outstanding team and we couldn’t be happier about the prospects of our partnership.”
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